Explain why innovation is crucial to the long term success of N-Pharma?
Evaluate the decison to use up to 60% of N-Pharma's operating profit for Research and Development.
Discuss the practical issues and challenges N-Pharma's production managers may face in implementing new methods to improve quality assurance and quality control
Tadashi Agi intends to use a Kaizen approach to change the corporate culture in all of N-Pharma's departments. Explain the role of Kaizen in N-Pharma's production facilites.
"Kaizen" means simply "improvement," and in management it means, more broadly, continuous improvement in small increments. N-pharma could learn to spot and eliminate waste possible in manufacturing the drugs by producing less waste.
Teacher's comment: Much more detail is needed in this answer.
What types of cost and profit centres could N-Pharma use and what would be the advantages, disadvantages and limitiations of introducing them?
How can contribution analysis help N-Pharma determine the viability of their products?
Expalin the importance of quality control and quality assurance to N-Pharma and ditinguish between the two processes.
Quality assurance is concerned with preventing poor quality in products. It is a management process which informs and assures consumers that products are made to certain specification and meets certain standards. It differs from quality control as it takes in account the view of customers. Where as, Quality control is the traditional way of quality management it involves checking and reviewing work processes i.e. inspecting, testing and sampling the quality of manufactured items. This approach to managing quality is mainly based on detecting defective output or poor quality, from delivery of raw materials to the output of finished products. The products must be made to the required specification.
These are both important for N-Pharma as it sells pharmaceuticals and needs to ensure the safety of its drugs via testing. If they are unsafe and do not meet the specified standard the company’s intangible assets, such as its brand name and reputation could be damaged. In addition, through market research it has been proven that adults across East Asia regard N-Pharma labels “as a mark of quality and safety”. Therefore, quality assurance and control plays a large role in sustaining N-Pharma’s brand loyalty and reputation.
Teacher's comment: an in-depth and well written answer - just the kind of thing the examiners will look for!
Explain why innovation is crucial to the long term success of N-Pharma?
Evaluate the decison to use up to 60% of N-Pharma's operating profit for Research and Development.
Discuss the practical issues and challenges N-Pharma's production managers may face in implementing new methods to improve quality assurance and quality control
Tadashi Agi intends to use a Kaizen approach to change the corporate culture in all of N-Pharma's departments. Explain the role of Kaizen in N-Pharma's production facilites.
"Kaizen" means simply "improvement," and in management it means, more broadly, continuous improvement in small increments. N-pharma could learn to spot and eliminate waste possible in manufacturing the drugs by producing less waste.
Teacher's comment: Much more detail is needed in this answer.
What types of cost and profit centres could N-Pharma use and what would be the advantages, disadvantages and limitiations of introducing them?
How can contribution analysis help N-Pharma determine the viability of their products?
Expalin the importance of quality control and quality assurance to N-Pharma and ditinguish between the two processes.
Quality assurance is concerned with preventing poor quality in products. It is a management process which informs and assures consumers that products are made to certain specification and meets certain standards. It differs from quality control as it takes in account the view of customers. Where as, Quality control is the traditional way of quality management it involves checking and reviewing work processes i.e. inspecting, testing and sampling the quality of manufactured items. This approach to managing quality is mainly based on detecting defective output or poor quality, from delivery of raw materials to the output of finished products. The products must be made to the required specification.These are both important for N-Pharma as it sells pharmaceuticals and needs to ensure the safety of its drugs via testing. If they are unsafe and do not meet the specified standard the company’s intangible assets, such as its brand name and reputation could be damaged. In addition, through market research it has been proven that adults across East Asia regard N-Pharma labels “as a mark of quality and safety”. Therefore, quality assurance and control plays a large role in sustaining N-Pharma’s brand loyalty and reputation.
Teacher's comment: an in-depth and well written answer - just the kind of thing the examiners will look for!